RPC, Inc. (RES - Free Report) reported third-quarter 2020 loss of 9 cents per share, narrower than the Zacks Consensus Estimate of loss of 10 cents. However, the figure is wider than the year-ago quarter’s loss of 8 cents per share.
The company reported quarterly revenues of $116.6 million, which surpassed the Zacks Consensus mark of $95 million. However, the top line plunged 60.2% from the year-ago quarter’s figure of $293.2 million.
The better-than-expected results came on the back of the company’s cost-reduction initiatives. This was offset partially by lower drilling activities. Following the better-than-expected results, the stock gained almost 3% since the earnings announcement on Oct 28.
RPC, Inc. Price, Consensus and EPS Surprise
Segmental Performance
Operating loss in the Technical Services segment totaled $24.9 million, wider than a loss of $18.2 million in a year-ago quarter. The underperformance was caused by a reduction in activity and pricing.
Operating loss in the Support Services segment came in at $3.8 million against the unit’s operating profit of $1.6 million in the year-ago quarter. The downside was caused by lower activities related to drilling.
Total operating loss for the quarter was $31.8 million, narrower than the year-ago quarter’s loss of $92.6 million. Average domestic rig count was 254 for the September-end quarter, indicating 72.4% fall from the year-ago level.
Cost and Expenses
Cost of revenues contracted from $225.2 million in third-quarter 2019 to $100.9 million. Moreover, selling, general and administrative expenses fell to $32.4 million for the quarter from the year-ago quarter’s figure of $42.6 million.
Financials
RPC’s total capital expenditures in the September quarter of 2020 amounted to $13.7 million.
As of Sept 30, the company had cash and cash equivalents of $145.6 million as well as maintained a debt-free balance sheet.
Zacks Rank & Stocks to Consider
The company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include PDC Energy Inc. and Sprague Resources LP , each sporting a Zacks Rank #1 (Strong Buy) and CNOOC Ltd. (CEO - Free Report) , holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past six months, the Zacks Consensus Estimate for PDC Energy’s 2020 earnings has been raised by 570%.
Sprague Resources is expected to see stellar earnings growth of 80.3% in 2021, while CNOOC will likely register bottom-line improvement of 41% during the same period.
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RPC, Inc. (RES - Free Report) reported third-quarter 2020 loss of 9 cents per share, narrower than the Zacks Consensus Estimate of loss of 10 cents. However, the figure is wider than the year-ago quarter’s loss of 8 cents per share.
The company reported quarterly revenues of $116.6 million, which surpassed the Zacks Consensus mark of $95 million. However, the top line plunged 60.2% from the year-ago quarter’s figure of $293.2 million.
The better-than-expected results came on the back of the company’s cost-reduction initiatives. This was offset partially by lower drilling activities. Following the better-than-expected results, the stock gained almost 3% since the earnings announcement on Oct 28.
RPC, Inc. Price, Consensus and EPS Surprise
Segmental Performance
Operating loss in the Technical Services segment totaled $24.9 million, wider than a loss of $18.2 million in a year-ago quarter. The underperformance was caused by a reduction in activity and pricing.
Operating loss in the Support Services segment came in at $3.8 million against the unit’s operating profit of $1.6 million in the year-ago quarter. The downside was caused by lower activities related to drilling.
Total operating loss for the quarter was $31.8 million, narrower than the year-ago quarter’s loss of $92.6 million. Average domestic rig count was 254 for the September-end quarter, indicating 72.4% fall from the year-ago level.
Cost and Expenses
Cost of revenues contracted from $225.2 million in third-quarter 2019 to $100.9 million. Moreover, selling, general and administrative expenses fell to $32.4 million for the quarter from the year-ago quarter’s figure of $42.6 million.
Financials
RPC’s total capital expenditures in the September quarter of 2020 amounted to $13.7 million.
As of Sept 30, the company had cash and cash equivalents of $145.6 million as well as maintained a debt-free balance sheet.
Zacks Rank & Stocks to Consider
The company currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include PDC Energy Inc. and Sprague Resources LP , each sporting a Zacks Rank #1 (Strong Buy) and CNOOC Ltd. (CEO - Free Report) , holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past six months, the Zacks Consensus Estimate for PDC Energy’s 2020 earnings has been raised by 570%.
Sprague Resources is expected to see stellar earnings growth of 80.3% in 2021, while CNOOC will likely register bottom-line improvement of 41% during the same period.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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